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How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?
Governments have several means available to guide and influence competition in the marketplace. These means include government ownership of firms and industrial policy.
Draw the indifference curve for perfect complements where the the utility function is given by U=MIN(X,5Y). Sketch the curve for utility levels 1,3 and 5
Explain the difference between a monopoly and an oligopoly, and a cartel and provide an example of a monopoly, an oligopoly, and a cartel.
What is the marginal cost associated with two units of production and the law of diminishing marginal productivity
The CEO of bank of America Brian Moynihan recently stated that US taxpayer money should not be used to bail out major banks.
Discuss the prospects for demand for the kind of automobiles manufactured by Hyundai in two countries: China and Turkey.
State Khinchine's weak law of large numbers and provide a proof of this result. Discuss conditions under which a law of large numbers exists for a sample of independent but heterogeneously distributed random variables.
Draw a network that depicts the company's distribution network. Identify the supply nodes, transshipment notes, and demand nodes on the network.
A firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50.What will be the result?
A long-run supply curve is flatter than a short-run supply curve because firms can enter and exit a market more easily in the long run than in the short run is it true or false.
Choose any firm and think about its buying and selling activities -everyone buys and sells, or at least "procures" and "supplies", or otherwise participates in exchange transactions.
It is believed that fiscal policy is more effective under a fixed exchange rate than a flexible exchange rate. Using the IS-LM model, illustrate and explain this differential impact for an expansionary fiscal policy.
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